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2013 (12) TMI 356 - ITAT MUMBAIAssessment under u/s 143(3) read with section 147 – The assessee is a non-residential banking company – Loss on sale of investments - Held that:- Following Bank of Baroda [2003 (3) TMI 80 - BOMBAY High Court] – The assessee is required to make investment in securities for its capital growth purpose - Such an investment is a part of banking business only - Any loss arising on sale of such investments will be in the nature of business loss – Decided in favour of assessee. Profit on sale of shares not credited to profit and loss account – Held that:- The profit on sale of shares is separately added to the income computed as per income tax provisions – The income has not escaped assessment - Decided in favour of assessee. Indexation of purchase cost of shares – Held that:- Keeping in view provisions of section 48 The proviso to section 48 are not applicable to the assessee - The "reasons recorded" by the Assessing Officer do not meet the requirement of law - The entire proceedings based on such "reasons recorded" are void ab initio – Decided against Revenue.
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